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The PA Department of Banking and Securities is hosting a conference designed to keep investment professionals and their firms up-to-date on changes to federal and state securities laws and regulations.  

Conference Rate: $200 per person

Official registration closes on October 24, 2023.

Session Information

Investment Adviser 3rd Party Relationships

Kirsten Soltner– Sr. Securities Compliance Examiner & Enforcement Administrator, PA Department of Banking and Securities
Paul Sebastian – Securities Compliance Examiner II, PA Department of Banking and Securities

More and more, advisers are using third-party services to provide assistance with the management of their client portfolios. This may lead to confusion for investment advisers, who aren't sure where their compliance responsibility ends and the third party's begins.  This session will provide an overview of the compliance requirements for advisers who utilize third parties, including sub-advisers, co-advisers, third-party money managers, turn-key asset management platforms (TAMPS), solicitors, and robo-advisers. At the completion of the presentation, attendees will be able to recognize what their specific responsibilities are under the 1972 Act and Regulations, including requirements for investment advisory contracts, disclosures to clients and regulators, invoicing requirements for automatic fee withdrawal, and other responsibilities.

Enforcement, Regulatory, and Policy Updates

Stefanie J. Hamilton – Chief Counsel, PA Department of Banking and Securities

Staci Morcom – Director of the Securities Licensing Office, Department of Banking and Securities

This session will provide a comprehensive review of recent department enforcement actions and significant case law, and the session will also address how those in the industry can avoid violating the Pennsylvania Securities Act of 1972. Furthermore, this session will give a brief overview of applicable regulatory updates impacting broker-dealers and investment advisers. The session will also provide an introduction to continuing education and how it may currently impact investment adviser representatives.

Accounting for IA Firms

Chris Yother, CPA – Securities Accountant III, PA Department of Banking and Securities

During this session, a licensed Pennsylvania CPA serving on the staff of the Securities Deputate will describe the requirements to satisfactorily submit a financial statement to the Department. Included in this presentation will be a discussion of the following topics:

  • What firms need to file and when is the deadline
  • What constitutes a satisfactory balance sheet submission
  • What requirements are necessary for firms during their application process
  • A discussion of net worth – what it is and what it isn't
  • A discussion of the accrual basis of accounting
  • Surety Bonds
  • Common pitfalls when submitting financials
  • Best practices using the DoBS Portal
  • Recommended best accounting practices for IA firms
  • Future trends and updates to the process

A question and answer session will bring the session to conclusion. Following this presentation, attendees should feel familiarized with the financial statement submission process, the reasoning behind the process and have the tools to improve their submission process to limit burdensome compliance reworks.

What to Expect from an Investment Adviser Exam

Nathan Houtz– Sr. Securities Compliance Examiner & Enforcement Administrator, PA Department of Banking and Securities
Regina Hart– Securities Compliance Examiner II, PA Department of Banking and Securities

During this session, state regulators will describe steps you can take to prepare for an Investment Adviser Exam, as well as what you can expect during an exam. Discussion will include topics that are of high importance to securities examiners. This presentation is designed to help firms understand areas of regulatory focus and exam procedure to help ensure that they are operating in compliance with Pennsylvania law. You will leave this discussion with the ability to better assess your regulatory compliance strengths and weaknesses.

How to Effectively Protect Clients from Financial Scams

Christina KotsalosDirector of Investor Education and Consumer Outreach, PA Department of Banking and Securities
Lindsay Nasshorn Deputy Director of Investor Protection, Delaware Department of Justice
Katrina Boyer Investor Education Coordinator, PA Department of Banking and Securities

More money was lost to investment scams—approximately $3.8 billion—than any other category in 2022. That's more than double the amount reported lost in 2021. The prevalence of this crime, especially during an uncertain economic climate, makes it vital that financial professionals stay up to date on how to best help clients avoid becoming a scammer's next victim. This session will highlight the top investment scams, paying particular attention to cryptocurrency (crypto) and digital asset scams. With $575 million of all crypto fraud losses reported to the Federal Trade Commission related to bogus investment opportunities, crypto scams continue to grow and rob consumers of their life savings. The session will also focus on how to spot common senior targeting scams through trainings such as Senior$afe. Projections indicate that 78 million people over 65 will be living in the U.S. by 2035, giving fraudsters a larger elderly population to victimize. Approximately 20% of this demographic will have cognitive impairments, making them prime targets for scams. Financial professionals who can detect the warning signs of financial abuse play a crucial role in helping to protect themselves and some of their most vulnerable clients from fraud and abuse.

AI and the Future of Regulation

Annie Newman– Director of Digital Strategy for Governor Josh Shapiro
Isabelle Wright – CEO and Founder, Vote for Freedom
Catherine Stihler – CEO, Creative Commons
Sandra Ro – CEO, The Global Blockchain Business Council

During this session, leaders from the Commonwealth, business, and non-profit spaces will describe AI's effect on Pennsylvania, our economy, and our democracy, and where we see regulation heading in the Commonwealth and beyond. You'll leave this discussion with the ability to plan ahead for critical paths forward and opportunities to discuss its effect on your practice.

Download the Compliance 2023 Brochure

Register for Compliance 2023